All organizations, regardless of their size, industry, or customer base, have to face some degree of risks. Hence, risk management is seen as a management response to the volatile environment. Traditionally, risk management has been segmented and conducted in separate business units or departments (i.e., silos) within a company. However, the silo-based approach to risk management has been criticized because it overlooks risk interdependence, inefficient coordination, and duplication of expenditure. By contrast, ERM treats each risk as part of an enterprise’s entire risk portfolio rather than a discrete one and is thus considered as a holistic and integrated risk management approach.